Today’s lesson is an important one. If you followed the point of my last post, you understand that compound interest is your true savior. It is the “one true power” that will transform your life from the typical frustration of the world to the sweet success of the few.
If you want a great life you should become an investor. No matter what your day job is, you should be an investor. The number one thing that leads to self made billionaires is investing. This is today’s lesson (day six) in the Millionaire Mentor Program, where Tai Lopez talked about how you can become an investor.
So What Are The Principles Of Investing
Investing is spending effort or resources like money so that you get more in the future. So the main skill that will lead to successful investing is Discipline and Delayed Gratification.
Ask yourself: How well can I postpone pleasure?
The second principle of investing is: You must have multiple streams of income. Having one job that produces money for you is risky in our times. Also if you just spend your salary on buying liabilities, like cars and houses, you will end up dependent on your salary forever. No amount of money will make you secure, unless you invest some of your cash into making more cash.
The third principle is having money work for you. Rich people, or people who become rich build systems that can function by themselves to generate cash. For example, you can invest in a piece of real estate that you rent out. You can even hire somebody to manage it for you, so the property generates money whether you work or not.
In our age, prime real estate could be online. You can build a following, you can write a daily blog (about your favorite topic), make videos and more. If you want to learn more about these building a social media following you can learn from the great Gary Vaynerchuk. If you want to learn the ninja tricks of social media marketing and make money while you do it I recommend this course from Tai Lopez.
I hope this lesson hits home and you will start thinking how you will become a long term investor (no matter what your day job is).
I will regularly post and review the lessons I learn from the Millionaire Mentor course. Follow me if you find this useful. I am on a journey to start making my own money. I hope I can help you gain your financial life in order by sharing insights from my journey.